China's Largest Asset Management Firm Receives Specialized Training from Boston Advisors; Boston Advisors Providing Pension Fund Portfolio Management Education.

Business Editors

BOSTON--(BUSINESS WIRE)--Oct. 21, 2003

Boston Advisors, Inc., one of Massachusetts' top performing public pension fund managers, is hosting a delegation from China Asset Management Company, China's largest national asset management firm, for an intensive portfolio management and mentoring program October 20th - November 3rd. China AMC is one of only six asset management firms charged with managing China's $15 billion in Central Government public pension fund assets.

WHO:    The training program represents a joint effort by Boston
        Advisors and its parent company, the Advest Group, Inc. The
        courses will be led by professors from Boston University, as
        well as Boston Advisors' senior staff and the Advest
        Institute's Senior Vice President.

WHAT:   An intensive course in public pension portfolio management,
        covering such areas as: Asset Allocation; Bond Management;
        Active Processes; Equity Portfolio Construction; Taxes,
        Rebalancing and Transaction Costs; Performance Measurement &
        Attribution, and more.

        A three-day mentoring program at Boston Advisors will follow
        the coursework. Attendees will work with Boston Advisors'
        Portfolio Managers to gain practical application experience in
        total return portfolio management.

WHEN:   Training: October 20 - 29th
        Mentoring: October 30 - November 3rd
        Trip to Boston Stock Exchange and awarding of
        certificates: November 3rd

WHERE:  Training: The Advest Institute at the Harvard Faculty Club
        in Cambridge
        Mentoring: Boston Advisors, One Federal Street, 26th Floor,
        Boston

WHY:    The Boston Advisors-China Asset Management training program
        comes at an important time as China continues to transform its
        pension system. China's Central Government pension fund
        represents some $15 billion (U.S.) in assets. New pension fund
        deregulation rules allow for up to 40% of the central Chinese
        government pension fund (approximately $6 billion U.S.) to be
        invested in China's securities markets. China's Qualified
        Domestic Institutional Investor program, "Regulation QDII," a
        proposal to allow mainland residents to invest in overseas
        markets via selected institutions, is currently under
        consideration.

        Boston Advisors investment managers have more than 25 years
        combined experience managing public pension assets, and
        managed the two top-performing Massachusetts public pension
        plans in 2002. The firm has $3.8 billion in assets under
        management.

About China's Capital Markets

Since its inception less than a decade ago, China's investment management industry has rapidly developed. The country's 32 asset management firms manage 59 closed-end funds, 32 open-end funds, and assorted institutional and individual separate accounts. According to the China Securities Journal, assets in these funds represent about $19.5 billion U.S. dollars, a small fraction of the expanding pool of assets available for investment.

Other pools include China's social security system. Formerly operated by the government on a pay-as-you-go basis, the system is in the process of reform. Newly established in 1995, the Chinese Central Government pension system's assets have accumulated to $15 billion (U.S.) and are growing quickly. New pension fund deregulation rules allow for up to 40% of the central Chinese government pension fund (approximately $6 billion U.S.) to be invested in China's securities markets.

It is estimated that local government pension funds, which represent a similar amount of assets to that of the Central Government pension fund, will soon be deregulated under similar investment rules. These factors, plus the commitment made by China upon entry into the WTO to allow Sino-foreign joint ventures, create a significant opportunity for experienced foreign firms to be involved in the development of China's investment management industry.

About China Asset Management Company (China AMC)

Established in 1998 with approval from the China Securities Regulatory Commission, China AMC is one of the first national asset management firms in China. It is also the largest, with more than $17 billion Yuan assets under management ($2.05 billion U.S.). The firm manages five closed-end funds and two open-end funds. China AMC was one of six asset management companies chosen to run the central government pension fund in 2002. For more information about China Asset Management Company, please visit www.chinaamc.com.

About Boston Advisors

Located in the heart of Boston's Financial District, Boston Advisors is a registered investment advisory firm actively managing $3.8 billion in assets for institutions, affluent individuals, endowments and foundations. The firm was founded in 1974 and is a wholly owned subsidiary of The Advest Group, Inc. For more information about Boston Advisors, please visit www.bostonadvisors.com.

About The Advest Group, Inc.

The Advest Group, Inc. is a holding company for Boston Advisors. Its principal subsidiary, Advest, Inc., one of the country's leading regional financial services firms, is headquartered in Hartford CT. Advest provides financial, securities brokerage, trading, investment banking, trust and other advisory services to its clients from over 90 offices in 18 states and the District of Columbia. Advest, a member of the New York, American, and other principal exchanges, is a member of The MONY Group Inc. For more information about Advest and The MONY Group, please visit their web sites, www.Advest.com or www.MONY.com.